What if money really did grow on trees? Financial stress would be a thing of the past. Bills could be paid with ease, unexpected emergencies could be handled with calm, and the occasional luxury would not result in overdraft penalties.
Who knows, maybe somewhere in the future there will be team of scientists working on this Holy Grail tree. But for now payday loans might be the closest thing our modern society has in the way of money-on-demand. Clearly not as as exciting as free money, but when you are low on cash, all money matters! Let me introduce you to Earnin app.
Created in 2015, Earnin was developed as a payday loan application. CrunchBase calls it “riving consumer-empowered finance through mobile technology by breaking open more than $1 trillion held up in America’s pay cycle.”
Is the Earnin app worth trying out? Applet.Mobi has made it easy for you to decide. Let’s dive in.
What is Earnin Application?
Earnin is a financial loan services app that allows you access to your wages before they are deposited into your bank account.
The solution is capable of interfacing with your bank account, tracking your work hours using a timesheet or GPS, and then forwarding cash advances within three days.
When you are in need of quick cash before your actual payday, Earnin acts as a helping hand, loaning you a portion of your paycheck.
Which Category Of People Is Earnin App Good For?
If you belong to the category of people operating within the following conditions, then Earnin is a great match for you:
- Work for a company that uses electronic record keeping
- Work at a fixed location with fixed hours
- Work for an employer that provides a work email
- Work for a company that uses direct deposit
- You have a checking account
Earnin might not be fit for you if:
- Work for multiple employers
- Habitually spends more than you earn
- Has no regular income
- Are not good at balancing your money. Overdraft charges average $34.
Personal Loan Types and Features Offered
Credit: Play Store
Cash Out Feature
Allows users to borrow up to $500 each specific period. Just login to the Earnin App, select the amount you want and the system will deposit it into your connected bank account.
Balance Shield Feature
As a borrower on this plan, you can set automatic alerts or cash out when you are at risk of over drafting your bank account.
The Balance Shield Cash Out is automatically activated when your account gets lower than $100 if the functionality is active.
Fees and rates
Interests and fees do not apply in Earnin services, but users can opt to donate a tip of any amount.
Location and bank account access
Earnin app uses GPS and timesheet tracking to ensure users are physically arriving to work for their scheduled assignments. Earnin also requires sensitive financial information for purposes of adjusting withdrawal limits and promoting responsible financial behavior.
How to Get Earnin Personal Loan
Below are steps to register and use Earnin Loan App
- Download the Earnin App from the Android store. You can also key in your phone number on the Earnin site to get the link to download the app.
- Input and verify your details such as email and phone number.
- Provide answers to such questions as your employer location, pay period, bank account details, and how many hours you work per day in a month.
- Link your bank as soon as Earnin qualifies you to use the app.
Usually, it takes between 48 to 72 hours to get your details verified.
Pros and Cons of Using Earnin App
Let’s take a look a few of the advantages and drawback of Earnin’s app.
Credit: Play Store
Pros of Earnin: Your Money in Advance
- Does not charge interest or fees
- Offers “Low Balance” alerts
- Provides early paycheck access
- Same-day funding facility
- No need for the credit check
Cons of Earnin: Your Money in Advance
- Low borrowing limits
- High APRs
- Mandatory use of personal data
Earnin financial app is a great solution for waged employees who on the rare occasion may need to borrow pre-payroll income. This app is NOT however suitable for chronic users who find themselves literally living pay check to pay check.